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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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DETAILSINSTITUTIONAPYMINMAXPRODUCT
North Country Savings Bank1.05%-$25kAdvantage Checking
The Bank of Fayetteville1.00%-$15kSmart Checking
Accounts mentioned in this post. Rates as of July 25, 2014

Best Reward Checking Accounts for Large Balance Caps

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High-yield reward checking accounts that pay the top rates on large balances are rare these days. If you want a balance cap above $25K, it's hard to find, and if you do find one, you may not be happy with the interest rate. Two good examples of this are the reward checking accounts that are available nationwide. The Bank of Fayetteville's reward checking account has a 2.75% APY for balances up to $50K as of 11/29/2010. North Country Savings Bank also has a $50K balance cap, but its rate is only 2.00% APY as of 11/29/2010.

If you want just one reward checking account for a $50K balance, you may actually do better with a reward checking account with a $25K cap and a higher second tier rate. For example, Liberty Bank has a reward checking account with a 3.01% APY for balances up to $25K and 1.01% APY for portion of the balance over $25K (as of 11/29/2010). For a $50K balance, you'll earn a little more in this account than in North Country Savings Bank. Unfortunately, second tier caps have also been falling with the top tier rates. The 1.01% rate used to be common for second tier rates, but most reward checking accounts now have second tier rates under 1.00%.

You may be able to find better deals at banks and credit unions local to you. There are several banks and credit unions offering 3.00% and above with balance caps of $50K. These are only local deals. You can find these by using our reward checking account table. If the table default doesn't show the accounts in your state, you can select your state by selecting the "Filter Accounts" button. Note, in many cases the bank or credit union may be limited to certain parts of the state or be limited by certain employer groups. For example, Market USA Federal Credit Union has a great reward checking deal with a 4.00% APY on balances up to $50K. Unfortunately, membership is limited primarily to select employee groups.


  Tags: The Bank of Fayetteville, North Country Savings Bank, Liberty Bank for Savings (IL), checking account

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3 Comments.
Comment #1 by Anonymous posted on
Anonymous
Independent Bank in Texas (local only) offers reward checking @4.01% on up to $25,000. They also have a linked reward savings account @2.50% on up to $25,000 that depends on whether linked reward checking requirements are met. Net is 3.25% on up to $50,000. This has all been documented in previous posts.

One undocumented thing I found out is that multiple reward checking/savings accounts can be set up. I currently have 2 sets for 3.25% on up to $100,000 but with double the requirements (2 ACH deposits, 16 debit card transactions, 2 electronic statements).

3
Comment #2 by pearlbrown posted on
pearlbrown
A good friend who banks there was told in mid-to-late October that the rate would likely drop by the end of the year if not soon thereafter.  The only unknown is the size of the drop.  He is very pleased with the bank's customer service and is hoping the cut isn't too deep. 

1
Comment #3 by pearlbrown posted on
pearlbrown
At Independent Bank in Texas, effective sometime in January (likely after the January qualification period close), the following changes will take place:

1.  The RCA rate will drop from 3.01%APY to 4.01%APY. 
2.  The RealSaver account rate will drop from 2.5%APY to 2%APY. 

Caps will remain unchanged (25K on the RCA, 25K on the RealSaver). 

However, effective immediately only one RCA and one RealSaver is allowed per SSN.  Existing accountholders with multiple accounts are grandfathered in. 

2